USD/CAD 4H Chart: Channel Down

Over the past 24 hours the US Dollar has been trying to erase losses against its Canadian peer. Despite that, as long as the exchange rate is lower than 1.32, we will keep our bearish forecast for the future of this pair. Along with us, the negative expectation is offered by the weekly technical studies. Immediate supply area around 1.3125/58 is holding ground for the moment, because it is represented by the fresh monthly pivot point and two major moving average lines. The bullish case cannot be completely put off the table, because the SWFX market sentiment is 54% positive. In case the longs succeed, they will later have to erode the 200-period SMA (1.3363) in order to boost the outlook in their favour.